BEIJING, Aug. 31 (UPI) -- Germany's DaimlerChrysler AG will boost its stake in a Chinese auto joint venture from 42 percent to 50 percent, China's Xinhua news agency said Wednesday.
The German company's increased stake in Beijing Benz DaimlerChrysler Automotive marks another move into the potentially lucrative Chinese market.
DaimlerChrysler expects to begin production of its E-Class vehicles at the plant in November, followed by the C-Class. Other Chrysler and Mitsubishi models will also be produced at the facilities, company officials said.
DaimlerChrysler expects sales this year for the Mercedes car group to rise 20 percent in China.